2011 Review of Pro-Ware, LLC — Asset Keeper

Best FitAsset Keeper is best geared toward public practices managing medium to large dynamic asset bases for multiple clients with multi-tiered organizational structures, and who have need for mass asset edit/acquisition/disposal capabilities.

The Asset Keeper system from Pro-Ware, LLC offers management, tracking and depreciation capabilities designed specifically for accounting professionals with multiple clients who have medium to large asset bases that may be dispersed geographically or across multi-tiered organizational structures. The program can support any number of assets and clients, and can be used as a stand-alone program or across networks by multiple users. Other accounting-focused products from Pro-Ware include Amortization Plus, Ratios Plus, Client Communique, Quick Trial Balance, Safekeeping Credit Card Recordkeeping and PFS Plus.

Basic System Functions - 4.5 StarsUsers are guided by wizards and checklists during the initial installation and client setup functions in Asset Keeper, helping users choose the correct depreciation strategies and providing selection screens for selecting asset types, life spans, methods and other information. Primary navigation elements are found in the system menu across the top of the screen, with options for accessing asset lists, calculation functions, reports and miscellaneous. System customization options are found in the “Housekeeping” menu, which offers tools for setting system and client-specific defaults, such as the Configuration Wizard, setting methods, and asset merges and unmerges. Additional customization options include creation of user-defined fields and client-level security.

The master client selection list displays entities on a sortable and filterable spreadsheet screen that includes basic information such as entity type, tax ID, number of assets and file location. Users also have access to global and client-focused search/query functions, and existing clients can be duplicated when creating subsidiaries or new entities. Accessible from a client’s files, asset selection screens offer a similar list view, with summary data for acquisition date, type, location and cost basis. Additional summary information is displayed at the bottom of the screen while an asset listing is highlighted, but prior to entering the detail asset view.

Within these detailed asset management screens, tabs are available for accessing each book, while additional menu icons appear, including searching, reporting, editing, acquisition and disposal tasks, and side-by-side viewing of all books. Calculations are automatically performed as data or methods are edited, with the program checking to ensure convention qualification. Edits can be made on a per-asset basis, across groups of assets or globally. The program can be used to manage any number of clients with unlimited numbers of assets, and can be used concurrently by any number of users in the firm at no additional cost.

Core Asset Management Features - 4.75 StarsAsset Keeper enables management of up to eight books per asset, and has pre-configured schedules for federal, AMT, ACE and book. It also offers four user-defined custom books, which can be used for state depreciation requirements or as needed. For AMT, ACE and Sec. 179 purposes, the system includes an auto-assign function wizard that uses expense deductions to appropriately adjust an asset’s current depreciation.

The program has calculations for all conventions, with users selecting them from a list that includes MACRS, ACRS, sum-of-the-years’ digits, straight-line, declining balance and custom methods, and can accommodate zero and negative depreciation. Also offered are calculations for coming year annual and monthly depreciation, pro-rated depreciation, short years and accumulated. The system can perform depreciation projections out to 99 years.

Asset Keeper has comprehensive and flexible asset life event management utilities and wizards that help users with processes such as performing mass acquisitions and disposals, merging and unmerging of assets, splitting and unsplitting, like-kind exchanges, partial disposals, sales and retirements. Assets can also be easily duplicated during initial setup. The system also includes strong consolidation functions that enable combination of asset bases of an organization’s subsidiary units or between different entities, and users have the ability to back out of consolidations if necessary.

Asset tracking and inventory features include reporting and integration with the optional AK-Track utility, an add-on that enables more detailed data management for specific asset types, locations, custodians, status and additional notes, including asset images and documentation.

Reporting - 4.75 StarsAsset Keeper offers an impressive collection of pre-designed reporting options and custom report creation capabilities. Book and inventory reports include monthly, quarterly and semi-annual reports, as well as reports for journal entry, transfers and inventory. Financial-focused output includes the financial statement report, asset valuation report, a summary and an end of year summary. The system also offers several depreciation projection reports that can span out to 99 years. Tax-focused reporting includes forms 4562 and 4797, depreciation schedules, tax preferences and an M-1 reconciliation report. Personal property reports are available for 20 states. Reports can be customized as needed and can be generated in batch sets. They can be saved to Word, XML, PDF, HTML, RTF, ODT and text file formats.

Import/Export/Integration - 4.25 StarsData can be imported from Excel and text files, which enables data acquisition from virtually all financial systems via a two-step process. A conversion tool is also available that helps ensure data accuracy when imported from other accounting and asset management programs. The system integrates directly with the add-on asset tracking utility.

Help/Support - 4.5 StarsIn addition to a traditional Help system, the program includes multiple wizards for setup and asset life events, as well as dozens of tutorials, FAQs, right-click menus and context-sensitive assistance. The tutorials and FAQs are also available on the support website, in addition to user guides, program documentation, program updates and other resources. Phone and online support are included free with the program, which is PC-based and works with modern Windows platforms.

Summary & PricingDesigned specifically for accounting professionals, Pro-Ware’s Asset Keeper provides a streamlined and effective system for managing large asset bases, with the ability to quickly perform mass acquisitions and disposals, as well as global edits and consolidations. Its reporting functions are exceptional, with comprehensive output and multiple options for output. The system costs $599 for a license that allows any number of users across a firm’s network.